Gold and Silver Prices Weekly Outlook for April 30-May 4

Last week gold price slightly increased despite the expectations that the FOMC meeting will adversely affect bullion prices. Silver price slightly declined last week. The U.S GDP for Q1 2012 didn’t reach expectations and may have been among the factors to pull up precious metals prices on Friday. This upcoming week there are many news items on the agenda that may affect gold and silver prices. The main events of the week will revolve the U.S manufacturing production, U.S non-farm payroll report and ECB rate decision and monetary policy.

Here is a short overview and a forecast for the upcoming week of April 30th to May 4th; this includes a short description with a fundamental analysis of the main news items, public speeches, and events that may affect bullion prices during the week.

Gold price moderately rose during last week by 1.34%, while silver price, slightly declined on a weekly scale by 0.97%.

During last week the U.S jobless claims slipped (week over week); this news however didn’t seem to affect much the forex or commodities markets. The housing market in the U.S received positive news as pending home sales increased in March.

During last week the Euro changed slightly rose against the U.S dollar by 0.26% (on a weekly scale); furthermore, other “risk” currencies such as the Australian dollar and Canadian dollar also appreciated against the U.S dollar during last week by 0.88% and 1.2%, respectively. The rally of the Euro/USD and AUD/USD may have been among the factors to pull gold prices up during last week.


The video link above presents a broad projection for the main news, public speeches and events that may affect the gold and silver prices during the week of April 30th to May 4th; the video includes reviewing the main reports, events, decisions and news items that will come out during the upcoming week. Some of these reports and events include: U.S ISM manufacturing PMI, ECB rate decision, U.S non-farm payroll report EU monetary development, China’s manufacturing PMI and  U.S. jobless claims weekly update (just to name a few).

In conclusion, I speculate that if the U.S reports including the non-farm payroll report and Manufacturing PMI will beat or meet expectations then gold and silver prices might decrease. If the EU economy will continue to pose concerns that will adversely affect not only the Euro but also gold and silver prices. The role of ECB will also be important and may affect the forex and commodities markets especially if the ECB will introduce additional monetary steps to ease the current concerns of many.


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